Although the impact of rising interest rates is largely shielded by fixed rate loans and interest rate swaps which provide certainty on the vast majority of the exposure, some interest rate risk remains. A 1% increase in interest rates across the yield curve in each of these currencies with the 31 December 2015 debt position constant throughout 2016, would lead to an expectation of an additional interest charge of £12m in the 2016 financial year (2015: £11m).